Nowadays technologies are well developed especially in banking sector it plays a major role. Now all the banks are interconnected, and the accounts details are always ready to use on the central server using the centralized network. The advantage of maintaining data’s in central server is people can instantly transfer their fund between accounts or anyone in the world.
Banks have introduced a lot of available activity for customers like Online Banking, Online Payments, etc. So now they added Instant Money Transfer (IMT) to this facility you can send money to anyone without knowing their account number, Just you can send the money using your beneficiary mobile number.
I know, you have a question about How it is possible to send the money by using only the recipient mobile number correct? I will explain below how it’s work.
IMT is the innovative service of cardless cash withdrawal. By using IMT service, you can send money to any Bank Branches in India or within the icici bank branches.
The receiver can withdrawal their money from an ATM without using a debit card. It is not mandatory for the receiver to have an account in the banks, The beneficiary received a message to the mobile phone, about the details of how to withdrawal the money.
When to use IMT (Instant Money Transfer)
You may use IMT at any point in time but, the below cases are very useful to use IMT process.
- Instant money needs for the beneficiary.
- A beneficiary doesn’t have any bank account.
- If, forget the recipient account number and IFSC Code.
- Beneficiary not available to physical cash delivery.
How to Initiate IMT?
By Using IMT, you can send money to anyone in the India by using the mobile number. Before, start the fund transfer, the sender should be activated internet banking and then initiate IMT. After initiated the IMT you should register for your beneficiary details like Name, Address, and Mobile Number. It is simple, right? Instead of searching beneficiary account number and IFSC Code of Branch, etc., this IMT is the very easy method to transfer money.
Once, the beneficiary registered. A sender can transfer the money by initiating the IMT using receiver mobile number. The transfer will be complete as soon as possible it depends on the network. But the beneficiary will receive all the details about transaction via text message to the mobile number when fund transfer has initiated. The available details in SMS are below,
- IMT Amount – It describes How much amount.
- SMS Code – Use it during money withdrawal.
- IMT ID – This is an ID to refer the transaction.
- IMT expiry date – This Denotes you to when will be the last date for withdrawal of money.
How to withdrawal Money?
After, the text message has been received to the beneficiary mobile phone about the status of the transaction. He/She can access any of your bank ATM Network and select the option called withdrawal via IMT.
ATM requires some details from the beneficiary to avoid unauthorized withdrawal.
- Mobile Number (IMT Details received)
- SMS Code
- Sender Code
- IMT Amount
All the above details are available in the received text message by the beneficiary. Cash will be dispensed from the ATM once details get verified. The SMS code will expire after first use.
There is the ceiling for the sender is Rs.10,000 per transaction, and the limit for the receiver is Rs.25.000 per month. It could be the very popular method to send money instantly when someone in need.